The ONEMortgage is the most affordable home loan program for first-time buyers in Massachusetts.
Key Features of the ONE Mortgage Program include:
Fixed Interest Rate – Homebuyers are offered a discounted, 30-year fixed interest rate through the ONE Program. No points are EVER charged to the homebuyer.
Low Down Payment – Homebuyers must put down a minimum of 3% of the purchase price when purchasing a single family property, condominium or two-family property (1.5% is required to be from the borrower's own savings; the remaining amount can be a gift or down payment assistance). If purchasing a three-family property, the minimum down payment requirement is 5% of the purchase price (3% from the borrower's own savings).
No Private Mortgage Insurance (PMI) – Homebuyers purchasing with the ONE Mortgage Program save hundreds of dollars every month by not having to pay costly private mortgage insurance payments.
Interest Subsidy – Income eligible buyers may also qualify for subsidized payment in the initial years of ownership. The subsidy is automatically applied to the homeowner's monthly mortgage statement by the lender and helps pay a portion of the mortgage payment during the first seven years of homeownership.
Long-term Affordability – This unique blend of discounted, fixed-rate private financing and state support lowers a homebuyers monthly mortgage payment by about twenty percent.
Asset Building – ONE Mortgage homeowners pay down principal with every mortgage payment helping to build equity and savings. There is no limit on appreciation with the ONE Mortgage Program.
Are you a Massachusetts First Time Homebuyer?
You owe it to yourself to see if you qualify for the ONEMortgage
You owe it to yourself to see if you qualify for the ONEMortgage
